chasing carrots in business

HOW TO FIGHT THE FOUR C’S OF BUSINESS FAILURE

May 01, 2022

Clutter, competition and chasing carrots are the four C’s that can sabotage small business success. The U.S. Small Business Administration reports over 50% of small businesses don’t make it past the first year and 95% fail within the first five years. The solution is a strong brand that addresses each of these threats.

Clutter: I’m not talking about the kind of clutter that initiates spring cleaning. This clutter is noise in the various advertising channels available to reach your target market. How can you afford to scream louder than the next person? Do you need to scream louder? A smarter strategy is to repackage your offer and rebrand yourself to magnetize customers to you. What ad size, level of production value or number of exposures is necessary to have your audience even know you exist? If you are in a crowded sector with fierce competition, you must invest in establishing your authority.

Competition: You may offer a product or service that is completely different than anyone else in your category. Does your target market embrace your uniqueness? Or, do they clump you in with all of the other businesses with a similar version of your offering? What makes someone drive past your competition to buy from you? What makes them pay a premium for you? Research shows that consumers will pay 20-25% higher for a brand they love. Why should a client love you enough to forego alternatives?

Chasing Carrots: I said four Cs. How can “chasing carrots” be considered number three and four? Well, carrots exist whether you chase them or not. The combination of the carrot and the chase round out our top four distractors. What are the carrots? They differ from business to business. Money is the biggie. Are you chasing quick cash? Taking “some money” instead of “no money”? Pride and envy also play a role in how you operate. Each of these carrots, affect your sales cycle, customer service approach and even the office space you lease.

How do you avoid the pitfalls? Crafting a strong brand will not only keep you on track but make you more profitable. You’ll also work with customers that you love to do business with instead of stressing about the multitude of horrible customers ruining your day. Those customers can sap your energy, drain your profits and make you despise the business you thought would be your dream come true.

A strong personal brand is the key that locks the door to the four C’s.

If you're ready to take your business to the next step, you need to invest in your personal brand.

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